The Associated Industries of Massachusetts Business Confidence Index rose 3.4 points in July to 57.6, more than recouping June’s decline, the association said.
“The July survey results indicate that Massachusetts employers see conditions in the state as moderately positive, but not as good as those prevailing nationally,” said Raymond G. Torto, co-chairman of AIM’s board of economic advisors and principal at CB Richard Ellis Torto Wheaton.
Since April, the index has followed an up-down-up pattern, with June’s loss virtually canceling out May’s gain, and July’s rise returning to the higher level, beating July 2006, (55.4), and close to the reading of July 2005 (57.8). However, the July survey was conducted before the new wave of uncertainties, particularly around the mortgage situation, that produced sharp drops in the equity markets, the association said.
